At Medtronic, The Probes Just Keep On Coming
Make a commentBy Ed Silverman // December 5th, 2007 // 3:25 pm
One after the other. During the past three months, the medical device maker attracted more than its share of attention, as a quick read of the latest Securities and Exchange Commission filing indicates (please see page 39).
First, there were two requests from Chuck Grassley, who chairs the Senate Committee on Finance. On Sept. 20, he sent a letter requesting info about financial ties between the device industry and practicing physicians. On Oct. 16, he sent a letter requesting info about the Medtronic’s decision to suspend distribution of its Sprint Fidelis family of defibrillation leads. (Several orthopedic implant makers recently settled kickback charges).
Then, on Sept. 25, the SEC sent a letter requesting info relating to any potential violations of the US Foreign Corrupt Practices Act in connection with the sale of devices in an unspecified number of foreign countries, including Greece, Poland and Germany. The letter notes Medtronic is a ’significant participant’ in the medical device industry, and seeks any info concerning certain types of payments made directly or indirectly to government-employed doctors. And on Nov. 16, the company received a letter from the Department of Justice requesting any information provided to the SEC.
Finally, on or about Oct. 31, Medtronic received a letter from the US Attorney in Philadelphia requesting documents relating to Medtronic’s relationship with one of its customers and any payments or things of value provided to physicians, physician groups, hospitals, medical practices or other entities relating to the purchase of its cardiac resynchronization therapy devices and cardiac stents.
You can read a little more in The St. Paul Pioneer-Press. Hat tip to the WSJ Health Blog.